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Ultimate Out Of Business


Electronics has shut its doors for

At press time, liquidation sales at
the A/V chain’s last 30 stores were
scheduled to end April 10 or sooner
if all merchandise was sold.

Gordon Brothers Group and Hilco
Merchant Resources, which conducted
the fire sales, said all merchandise
was marked down to as much as 70
percent off original prices. Items included
TVs, computers, home-theater
and audio systems, video equipment,
digital cameras, GPS devices and
major appliances from manufacturers
including Bose, Sony, Mitsubishi,
Samsung, Canon and Nikon. Store
fixtures such as shelving, pallet racking
and office furniture were also

“These final 10 days give us an opportunity
to say farewell to our customers”
as they shop the closeouts,
Ultimate Electronics CEO Bruce
Giesbrecht said earlier this month.
“Stores will close … as merchandise
is sold, so we encourage everyone to
take one last trip to their local store.”

The company, founded in 1968 by
Bill and Barbara Pearse and controlled
by investor Mark Wattles since
2005, filed for Chapter 11 bankruptcy
protection in January for the second
time in six years after business
soured, bills went unpaid and vendors
severed their credit lines.

But the chain, which was also partially
held by Hewlett-Packard, was
unable to secure financing or access
its cash collateral to fund operations,
and opted in February to sell off its
$86.5 million in inventory.

Sixteen stores were shuttered during
the ensuing weeks which, together
with the final 30 locations, leave
some 1,500 staffers unemployed
while closing the book on another
storied A/V specialty chain.